Range Bound Trading in Crypto

Hello Steemians! BTC is trading range bound with a little bit of an uptrend. Let us look at the BTC daily chart first.

As of this writing BTC is trading above 7600, so it is staging some kind of a rally from the May 29 low at 7058. It is a rather modest move and therefore hard to see on a daily chart. So I think the pattern will be better visible on a hourly chart:

In the chart above it is clear that BTC is trading within a channel. This is actually a fairly predictable and easy trading pattern to trade. Traders usually buy at the base of the channel, and sell towards the top of the channel. Even the 50% line is also a support sometimes. So according to this channel the target is about 7940 near term on the high end of the channel, and 7460 is the support at the low end of the channel.

Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.

Charts are created in Tradingview.com, which is a free service